Investors should ease exposure to Tesla for the time being, according to Bank of America.
Tesla shares dropped 2% following the downgrade.
In October, Musk hyped a $30,000 self-driving Cybercab and a bigger Robovan at an event that seemingly underwhelmed investors .
LSEG data shows that 24 of those covering the stock rate it a buy or strong buy.
Tesla shares have soared 70% over the past three months, boosted in part by Musk's close relationship with President-elect Donald Trump — which investors think will help the company move forward with its agenda.
Persons:
Tesla, John Murphy, Murphy, Optimus, Elon Musk, Musk, Musk's, Donald Trump
Organizations:
Bank of America, Tesla
Locations:
Shanghai, China